"Elon Time" is time on Elon Musk's scale. Which is to say, not normal time.

Its "We're going to fly Falcon Heavy in 2012. I meant 2013. Which is to say, in the next 12 months. That means 2014? Oh, hmmm. Well, it will definitely fly in Q4 2014. Until it slips to 2015, but it will definitely fly then. Or, well, first quarter 2016, right? I meant Q3 2016. But we're actually going to schedule it for Q4. And its scheduled for Q1 2017. Oh, look, it flew!"

Its similar to the "Reality Distortion Field" that surrounded Steve Jobs.